By
Temitope Olatunji
April 24th, 2024
VeVe co-founder Dan Crothers noted that he’s enthusiastic about giving Lamborghini fans a new way to experience their favorite sports car.
A luxury sports car manufacturer based in Italy, Automobili Lamborghini has reportedly teamed up with NFT marketplace VeVe to release a limited edition of digital collectibles for its cars. According to the announcement, the Lamborghini NFTs will be listed on the VeVe marketplace on February 19. The Lamborghini NFTs will feature the company’s Huracán STO model with various rarity traits.
VeVe and Lamborghini Cooperation
The Lamborghini NFT collectors can showcase their collectibles on the app’s virtual showrooms, share on their VeVe social feeds, and use augmented reality (AR) to view and “drive” their digital units.
VeVe co-founder Dan Crothers noted that he’s enthusiastic about giving Lamborghini fans a new way to experience their favorite sports car. Crothers added that he hopes the collection will help onboard more Lamborghini sports car fanatics to the Web3 industry that has shown tremendous potential to gain more in the future.
“Owning, or even simply driving, a Lamborghini is a dream of many,” Crothers noted. “The great thing about our community of passionate collectors is that they just love collecting, but we also hope this will inspire car enthusiasts to jump into the digital collectibles world, too.”
This is not the first venture into the NFT industry for the Italian luxury automobile. Late last year, Lamborghini announced a limited NFT edition of 1,963 units with a base price of $196.30. Notably, Lamborghini NFTs are purchasable through different cryptocurrencies or fiat deposited into the company’s account.
However, Lamborghini NFT collectors can now use the VeVe marketplace to seamlessly trade their digital collectibles.
Lamborghini NFTs
The non-fungible tokens (NFT) market has grown exponentially to a billion-dollar industry. Initially, NFTs were just viewed as jpegs circulating through blockchain technology. However, different real-world industries have found NFTs as a casual way of interacting with customers. Moreover, companies can represent real-world goods as NFTs with underlying value and liquidity.
Lamborghini and its limited edition of NFTs will be competing against rival company Porsche, which released a series of NFTs featuring its flagship 911 model last month. Earlier last year, car manufacturers McClaren and Alfa Romeo announced their entry into the NFT market with a series of limited editions.
The NFT market is, however, expected to receive more regulatory scrutiny, particularly following the collapse of FTX and Alameda late last year. Moreover, the SEC has classified crypto-staking programs as unregistered securities following the Kraken crackdown. Notably, several exchanges and digital collectibles platforms offer staking programs for the NFTs market.
Nonetheless, Lamborghini is keen to introduce NFTs to the rest of the world where regulations are not stiffening like in the United States.